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18 Oct 2013
GBP/AUD overtakes 1.68 limits; consolidates reversal
FXstreet.com (Chicago) - GBP/AUD consolidates reversal after bouncing off 2-month lows with a pound that is negligent to bearish pressure triggered on strong Chinese data and momentary Aussie’s strengthening.
Reactions, data
Chinese data came in with mixed results but important GDP data matching expectations at 7.8% annual growth. Despite whipsawing momentarily, the pair retook its path to higher highs reaching 2-day peaks.
GBP/AUD Technical Levels
At 1.68, the pair oscillates between supports aligned at 1.6750 (October 15th lows), 1.67 (key support) ahead of 1. 6666 (October 16th lows) and the resistances set at 1.68 (key resistance), 1.6853 (October 15th highs) followed by 1.69 (October 14th highs). After volatility due to Chinese matched GDP results, the pound retook its path to higher limits, crossing above immediate resistance to print 1.6811 highs. Consolidating reversal after touching 2-month bottoms, higher limits and higher lows confirm bullish channel in formation.
Reactions, data
Chinese data came in with mixed results but important GDP data matching expectations at 7.8% annual growth. Despite whipsawing momentarily, the pair retook its path to higher highs reaching 2-day peaks.
GBP/AUD Technical Levels
At 1.68, the pair oscillates between supports aligned at 1.6750 (October 15th lows), 1.67 (key support) ahead of 1. 6666 (October 16th lows) and the resistances set at 1.68 (key resistance), 1.6853 (October 15th highs) followed by 1.69 (October 14th highs). After volatility due to Chinese matched GDP results, the pound retook its path to higher limits, crossing above immediate resistance to print 1.6811 highs. Consolidating reversal after touching 2-month bottoms, higher limits and higher lows confirm bullish channel in formation.